Latest Insurance
- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m expired
14th February 2018
Insurance Europe welcomes delay in introduction of Insurance Distribution Directive(IDD)
Trend
Ahead of the forthcoming meeting of Member States' permanent representatives(COREPER II) on the Insurance Distribution Directive (IDD), Insurance Europe has welcomed the proposal to delay the date of application of the IDD and accompanying delegated legislations.
William Vidonja, head of conduct of business at Insurance Europe, comments “It is crucial that the European insurance industry has sufficient time to implement the required changes from the point at which regulatory certainty is established. Given that the Level 2 delegated regulations were only published in the Official Journal of the EU on 20th December for a directive that enters into force on 23th February, the industry considers this timeline too tight to give insurers a realistic timeframe to properly design and test the necessary changes. An extended application date will allow insurance companies to better prepare for the correct implementation of the IDD, which will also benefit consumers.
A swift endorsement of the proposal delaying the application date, is now imperative. Although Insurance Europe understands that it is now impossible for all procedural steps to be carried out in time to ensure the delay enters into force before the current application date of IDD, any delay in formal adoption of the amending Directive should be kept to a minimum. It is also crucial that a mechanism, such as the current proposal to retroactively apply the delay is included in the final text, so insurers can be certain of which rules will apply.
Insurance Europe also wishes to raise the more general concern of the too-tight timelines allowed for the implementation of legislative initiatives under the present Lamfalussy process. Insurance Europe therefore calls on the Commission to give serious consideration to the introduction of separate transposition and application dates in its legislative proposals, to ensure that there is a minimum period of one year for implementation by all concerned parties following the conclusion of the Level 1 and Level 2 texts.”
Insurance Europe Trends(130 articles)
